Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-01-11
The Extra session-The Debt. &c.


HIM, we publish II as valuable contribu-
ton to the discussion OF the question OF
the expedlency Of convening the General
Assembly in extra session
To the Editor Of the Dispatch:
/ have read with deep interest the articles
which have recently appeared In your paper
in regard to the unsettled condition OF our
State debt and the propriety OF converting
the General Assembly In extra session for
the purpose OF enacting, II possible, such
legislation as may induce the holders OF our
obligations TO fund their bonds under the
Riddleberger bill.
A careful consideration OF this subject
cannot fail TO impress one with deep sense
OF the paramount Importance to our State
and party that this matter should be speedi-
" and finally adjusted and eliminated as
political issue from our State elections
especially those OF next fall.
While every consideration for the public
veal and our party's power would album
dainty Justify an extra session OF the GEN.
erai Assembly il thereby this much-de-
sired result could be attained, yet, the
hazard OF our position would be greatly
augmented, and the prospects OF our sue
cess but further imperiled II, as the result
OF that session, we but added to the mis-
fortunes OF the past this failure OF the pres
eut, and thus blaze the way for the Opp0.
sition TO power by this manifestation OF
our inability to successfully legiSlate upon
this subject.
lam not unmindlul OF the peculiar EN-.
barrassments which surround majority
of the members OF the dominant party in
the present General Assembly in their con.
sideration OF this question.
For wears they had opposed the Riddle
berger bill for years they had denounced
As inequitable its basis OF settlement aud az
Illegal its provisions for enforcing upon the
creditors an acceptance OF its terms, ana
though repeatedly defeated at the polls II
was not until the highest judicial trlbu"al
OF our nation had maintained the cons'itu-
tionaltty Of one Of It's two provisions Tor
coercing the creditors that they grounded
the arms Of their opposition, and, impelled
by high considerations Of public policy,
yielded acquieseence IN the settlement and
pledged IFS trainers aud friends that II ln'
trusted with the government they would
maintain its integrity.
Since their acceptance OF the measure and
their consequent elevation TO power, with
out fault of theirs, the effect OF this pre-
Vious judicial adjudication has been vIr-
tually nullifed, and the Riddleberger bill,
BY the decisions OF the courts, has been be-
reft OF almost every element which at that
time lent IL the power OF being enforced as
a settlement.
Thus situated the ability Of these men to
legislate upon this subject Is maniiestlY en-
barrsssed by their pledges to observe
the provisions 81 the Riddleberger bill
"a basis of settlement, and their
sensitive desire to pay reasonable def
erence to the same in all their efforts to
effect by additional legislation final adj
iustment. For these reasons a General As.
sembly. though controlled by our party,
elected next fall, might find itself In far
more advantageous position to lpglslate
upon this subject than tue present; and yet
such is the irony OF fate that our pro-
spects OF securing control OF the next Gen
eral Assembly are already seriously threat
ened by our failure to devise and adopt
the needful legislation, and will he still
more imperilled should the General As.
sembly specially convened in extra session
for this purpose fail OF tins cOnsummdtion.
In the light OF these considerations il Oe-
booves those in authority 10 proceed with
great deliberatiou in converting the General
Assembly in extra session and delineating
its line OF policy.
The views and sentiments OF the indI-
yldual members OF the General Assembly
should, as far as 1t is practicable, be ascer-
tanned, and the probable unanimity with
which they would support some given poll
cy upon this subject. The character OF the
legislation designed and desired and its
probable effect upon the plans and purposes
of the bOndholders should also be duly
considered in the light of the legislative
sentiments thus asceTtained.
Too great care cannot be observed in as.
certaining the views Of the representatives
and their probable acceptance Of some def-
mite line OF policy. A conference OF the
members before a call for an extra session
is issued might in tins way enable the Exc
cutiYe TO act advisedly in this matter. To
be Gallo together without some reasonable
probability that harmony would peryade
their councils, spend the allotted time OF
the session in frultless efforts to adopt some
one OF the numerous measures which might
be proposed, and then adjourn without Sc
curing a final adjustment, would but aug
nent the existing complications and Sc
riously imperil the supremacy OF our party
in the government Of the Slate.
These are considerations which doubtless
occur TO the mind az the Governor, and we
may congratulate ourselves that their solu-
ton rests with an Executive OF sound
Judgment ana Slufuy sense.
10 this connection 1: may not be inapprO-
pirate to briefly review the decisions OF the
courts upon the Riddleberger settlement
with view OF fixing clearly in our minds
ifs present status, the position OF the Demo-
cratic party BY reason OF its pledge to ac-
cept the same, and the limits in which its
representatives may with proprlety endea-
Vor TO affect by additional legislation CON-
plete adjustment.
am convinced, too, by recent public ut
terances that many OF our people but
vaguely appreciate the conditions under
which the Democratic party accepted the
Riddleberger bill as 4 settlement OF the
debt. and the causes which since the date
OF that acceptance have produced the
present complications. To such an ex.
enination OF the subject may not be with
out profit.
The General Assembly o! lSS1-'S2, which
Was controlled by the then Re8diuster par
~, passed the act OF February Il, 1882, pop
ularly known as the Riddeberger bill,
which simply ascertained the principal OF
our state debt, fixing the same at $21 .035,-
377.l5 as Of July /, 1882, and provided a
rate at which the different classes OF the
outstanding obligations OF the State should
be funded In bonds issued under It's pr0vi.
sions, the same 10 bear per cent. interest,
payable fifty years after date, redeemable by
the State eighteen years after their Issuance.
This bill Is simply . proposition TO the
creditors 10 surrender their old bonds for
the new. In which. on an average, one third
OF their principal and one hall OF their in
terest IA abated.
Anterior 10 this bill In point OF time, but
IN reality as parts OF the one great whole,
this same General Assembly passed the
acts OF January IA, 1882, and January 20,
1882, popularity known as Coup0n-Killer
No. / and Coupon. Killer No. 2, which sct'
were designed 70 force the creditors 10 &C
cept the proposition rendered them in the
act OF February IA, 1859.
All these measures which, together con.
eiltute the Riddleserger settlement. were
earnestly opposed by the Democratic par.
" and voted against by lts Representatives
IN the General Assembly, The act fixing the
basis OF settlement as being inequltable
and Che two acts designed TO enforce IL
acceptance upon the creditors as being un
constitutional and VOID.
The act OF January IA, 1887 Coupon
Killer No. l--pToyided that when Q TAX